OREANDA-NEWS. June 05, 2009. State corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Macquarie Renaissance Infrastructure Fund (MRIF) will participate in joint investment in infrastructure projects. The respective decision was made at the meeting of Vnesheconombank’s Supervisory Board on June 1, 2009.

It is planned that Vnesheconombank will ensure financing of investment projects through acquisition of shares (for the total sum of USD 200 million) in two Russian closed-end mutual funds set up by ‘Renaissance Capital’ management fund. By the year-end 2009, due to new investors participation, the aggregate capital of MRIF and the two Russian funds is expected to increase to USD 800 million.

The Russian mutual funds and MRIF aim to jointly invest into infrastructure projects both in Russia and the CIS countries, with more than 50% of the Russian and foreign funds’ money procured for project deliver in Russia and 25% in Kazakhstan and Ukraine, while the remaining sum will be channelled into projects implemented in other CIS countries. Currently, the total projects value exceeds USD 3 billion.

The major infrastructure projects are focused on the construction of car roads, airports, ports, utility facilities, railway transport and communications.